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Janashakthi Insurance records remarkable growth in 1H, 2016


Prakash Schaffter, Managing Director, Janashakthi Insurance

Janashakthi Insurance PLC (Janashakthi) posted a consolidated Profit After Tax (PAT) of Rs. 630 million for the six months ended 30th June 2016, recording an impressive Year-on-Year growth of 198%. Consolidated Gross Written Premium (GWP) grew by 34% to Rs. 6.5 billion with the Company’s Non-Life segment leading the charge with 41% growth in GWP while its Life segment grew by 11%. During the period under review, claims valued at an estimated Rs. 4.6 billion were intimated to Janashakthi as a result of the devastation caused by the severe floods and landslides which drastically affected central areas of Sri Lanka in the month of May. As an Insurer committed to fulfilling its duties towards the nation, Janashakthi continued to deliver on its commitments in a responsible and speedy manner during this critical hour of need. “I am delighted to report that we have delivered strong performance in the first half of the year. We recorded steady top line growth, led by the Non-Life segment, and an impressive growth in the bottom line despite a marked rise in claims which resulted from the recent floods. This is yet another testament to the company’s sound financial fundamentals and prudent and farsighted reinsurance arrangements, as well as our steadfast resolve to honour our commitment to policyholders. We look forward to building on this momentum and growing the business exponentially towards market leadership, while staying committed to delivering greater value to all stakeholders,” said Mr. Prakash Schaffter, Managing Director of Janashakthi Insurance PLC. Janashakthi maintained healthy Capital Adequacy Ratios (CAR) for both Life and Non-Life businesses, following the introduction of the Risk Based Capital (RBC) model which replaced the Solvency based regime from 1 January 2016. The Company’s asset base grew from Rs. 22.2 billion as at 30th June 2015 to Rs. 33.4 billion as of 30th June 2016. The quarter saw Janashakthi being recognized for its path breaking initiatives and service excellence. Some of the awards and accolades won by the Insurer during this period include the Brand Excellence Award in the ‘Banking, Financial Services and Insurance’ category at the Global Brand Excellence Awards 2016, the category award for ‘Excellence in Branding & Marketing’ at the 7th CMO Awards and the ‘Marketing Initiative of the Year’ award at the IASL - Fintelekt Insurance Industry Awards of Sri Lanka 2016. The Board of Directors of Janashakthi Insurance PLC comprises Mr. Husein Esufally, Chairman; Mr. Prakash Schaffter, Managing Director; Mr. Jude Fernando, Director/Chief Executive Officer; Mr. Ramesh Schaffter, Mr. L. C. R. de C. Wijetunge, Ms. Anushya Coomaraswamy, Mrs. Manjula Mathews, and Mr. Eardley Perera. (Media Release)
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